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IBM pact boosts Spyglass shares

Internet software developer Spyglass Inc. (Nasdaq: SPYG) shot up 1 13/16, or 9 percent, to 21 3/16 Monday after announcing it will supply IBM with software used in its digital set-top box reference platform.

The embedded technology provides a standards-based framework for authoring content, creating applications and connecting to online services via set-top boxes.

Financial terms of the deal were not disclosed.

IBM Corp. (NYSE: IBM) shares were off 4 9/16 to 225 13/16.

Last quarter, Spyglass surprised analysts by posting a profit of $114,000, or 1 cent a share, on sales of $6.3 million.

First Call consensus expects Spyglass to lose 2 cents a share in its third quarter and 13 cents a share in the fiscal year.

The stock surged to a high of 32 3/4 in November before falling back to a low of 8 5/8 in April.

Three of the four analysts following the stock rate it a "buy."